XML 28 R12.htm IDEA: XBRL DOCUMENT v3.19.1
Note 5 - Segment Reporting
 12 Months Ended
Dec. 31, 2018
Statement Line Items [Line Items]  
Disclosure of entity's operating segments [text block]
5.
SEGMENT REPORTING
 
(a)
Reportable segments – Years ended in:
 
   
Latin America - north
(i)
  
Latin America - south
(ii)
   Canada   Consolidated
      2018       2017       2016       2018       2017       2016       2018       2017       2016       2018       2017       2016  
                                                                                                 
Net sales    
32,628.1
      
31,086.0
      
28,927.8
      
10,753.9
      
10,769.7
      
10,212.9
      
6,849.3
      
6,043.6
      
6,461.9
      
50,231.3
      
47,899.3
      
45,602.6
  
Cost of sales    
(12,584.9
 )    
(11,935.0
 )    
(10,870.4
 )    
(4,269.7
 )    
(4,122.6
 )    
(3,685.4
 )    
(2,415.0
 )    
(1,984.2
 )    
(2,122.2
 )    
(19,269.6
 )    
(18,041.8
 )    
(16,678.0
 )
Gross profit    
20,043.2
      
19,151.0
      
18,057.4
      
6,484.2
      
6,647.1
      
6,527.5
      
4,434.3
      
4,059.4
      
4,339.7
      
30,961.7
      
29,857.5
      
28,924.6
  
Distribution expenses    
(4,399.1
 )    
(4,193.8
 )    
(3,965.4
 )    
(1,053.1
 )    
(1,007.9
 )    
(979.6
 )    
(1,284.3
 )    
(1,093.8
 )    
(1,140.5
 )    
(6,736.5
 )    
(6,295.5
 )    
(6,085.5
 )
Sales and marketing expenses    
(3,645.3
 )    
(3,655.5
 )    
(3,671.1
 )    
(1,113.9
 )    
(1,091.3
 )    
(1,317.6
 )    
(970.3
 )    
(873.2
 )    
(936.3
 )    
(5,729.5
 )    
(5,620.0
 )    
(5,925.0
 )
Administrative expenses    
(1,696.0
 )    
(1,954.1
 )    
(1,486.3
 )    
(410.8
 )    
(384.5
 )    
(400.2
 )    
(260.4
 )    
(285.2
 )    
(279.6
 )    
(2,367.2
 )    
(2,623.8
 )    
(2,166.1
 )
Other operating income/(expenses)    
985.0
      
1,170.5
      
1,283.7
      
(24.6
 )    
41.2
      
(39.0
 )    
(13.1
 )    
5.6
      
(21.6
 )    
947.3
      
1,217.3
      
1,223.1
  
Exceptional items    
18.7
      
(56.1
 )    
1,183.2
      
(88.3
 )    
(41.3
 )    
(41.5
 )    
(16.8
 )    
(11.3
 )    
(7.4
 )    
(86.4
 )    
(108.7
 )    
1,134.3
  
Income from operations (EBIT)    
11,306.5
      
10,462.0
      
11,401.5
      
3,793.5
      
4,163.3
      
3,749.6
      
1,889.4
      
1,801.5
      
1,954.3
      
16,989.4
      
16,426.8
      
17,105.4
  
Net finance cost    
(2,211.8
 )    
(2,693.3
 )    
(3,694.5
 )    
(1,431.4
 )    
(709.5
 )    
(439.0
 )    
(180.2
 )    
(91.1
 )    
431.5
      
(3,823.4
 )    
(3,493.9
 )    
(3,702.0
 )
Share of result of joint ventures    
(2.3
 )    
(4.7
 )    
(6.8
 )    
–
      
–
      
–
      
3.3
      
1.6
      
1.8
      
1.0
      
(3.1
 )    
(5.0
 )
Income before income tax    
9,092.4
      
7,764.0
      
7,700.2
      
2,362.1
      
3,453.8
      
3,310.6
      
1,712.5
      
1,712.0
      
2,387.6
      
13,167.0
      
12,929.8
      
13,398.4
  
Income tax expense    
(299.8
 )    
(3,309.5
 )    
1,100.1
      
(866.8
 )    
(1,144.1
 )    
(814.0
 )    
(623.0
 )    
(625.7
 )    
(601.1
 )    
(1,789.6
 )    
(5,079.3
 )    
(315.0
 )
Net income    
8,792.6
      
4,454.5
      
8,800.3
      
1,495.3
      
2,309.7
      
2,496.6
      
1,089.5
      
1,086.3
      
1,786.5
      
11,377.4
      
7,850.5
      
13,083.4
  
                                                                                                 
Normalized EBITDA
(iii)
    
14,053.2
      
13,233.9
      
12,805.0
      
4,893.7
      
4,866.6
      
4,501.7
      
2,152.0
      
2,047.1
      
2,176.4
      
21,098.9
      
20,147.6
      
19,483.1
  
Exceptional items    
18.7
      
(56.1
 )    
1,183.2
      
(88.3
 )    
(41.3
 )    
(41.5
 )    
(16.8
 )    
(11.3
 )    
(7.4
 )    
(86.4
 )    
(108.7
 )    
1,134.3
  
Depreciation. amortization and impairment    
(2,765.4
 )    
(2,715.8
 )    
(2,586.7
 )    
(1,011.9
 )    
(662.0
 )    
(710.6
 )    
(245.8
 )    
(234.3
 )    
(214.7
 )    
(4,023.1
 )    
(3,612.1
 )    
(3,512.0
 )
Net finance costs    
(2,211.8
 )    
(2,693.3
 )    
(3,694.5
 )    
(1,431.4
 )    
(709.5
 )    
(439.0
 )    
(180.2
 )    
(91.1
 )    
431.5
      
(3,823.4
 )    
(3,493.9
 )    
(3,702.0
 )
Share of result of joint ventures    
(2.3
 )    
(4.7
 )    
(6.8
 )    
–
      
–
      
–
      
3.3
      
1.6
      
1.8
      
1.0
      
(3.1
 )    
(5.0
 )
Income tax expense    
(299.8
 )    
(3,309.5
 )    
1,100.1
      
(866.8
 )    
(1,144.1
 )    
(814.0
 )    
(623.0
 )    
(625.7
 )    
(601.1
 )    
(1,789.6
 )    
(5,079.3
 )    
(315.0
 )
Net income    
8,792.6
      
4,454.5
      
8,800.3
      
1,495.3
      
2,309.7
      
2,496.6
      
1,089.5
      
1,086.3
      
1,786.5
      
11,377.4
      
7,850.5
      
13,083.4
  
                                                                                                 
Normalized EBITDA margin in %    
43.1
 %    
42.6
 %    
44.3
 %    
45.5
 %    
45.2
 %    
44.1
 %    
31.4
 %    
33.9
 %    
33.7
 %    
42.0
 %    
42.1
 %    
42.7
 %
                                                                                                 
Acquisition of property, plant and equipment    
2,312.3
      
1,862.0
      
2,352.0
      
1,040.8
      
1,051.2
      
1,365.5
      
217.9
      
292.8
      
317.9
      
3,571.0
      
3,206.0
      
4,035.4
  
                                                                                                 
     
2018
      
2017
      
2016
      
2018
      
2017
      
2016
      
2018
      
2017
      
2016
      
2018
      
2017
      
2016
  
Segment assets    
51,373.8
      
48,811.7
      
50,935.0
      
14,447.8
      
11,558.5
      
11,149.0
      
10,924.3
      
10,204.9
      
9,245.8
      
76,745.9
      
70,575.1
      
71,329.8
  
Intersegment elimination    
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
(2,246.5
 )    
(3,077.7
 )    
(3,968.1
 )
Non-segmented assets    
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
19,626.7
      
19,354.5
      
16,479.7
  
Total assets    
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
94,126.1
      
86,851.9
      
83,841.4
  
                                                                                                 
Segment liabilities    
21,673.0
      
23,031.6
      
22,958.9
      
4,484.6
      
6,015.2
      
5,576.4
      
3,584.8
      
3,700.2
      
3,275.7
      
29,742.4
      
32,747.0
      
31,811.0
  
Intersegment elimination    
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
(2,246.4
 )    
(3,077.7
 )    
(3,968.1
 )
Non-segmented liabilities    
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
66,630.1
      
57,182.6
      
55,998.5
  
Total liabilities    
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
94,126.1
      
86,851.9
      
83,841.4
  
 
(i) Latin America – North: includes operations in Brazil and CAC (El Salvador, Guatemala, Nicaragua, Dominican Republic, Saint Vincent, Dominica, Antigua, Cuba, Barbados, Panama, Puerto Rico e Costa Rica).
 
(ii) Latin America – South: includes operations in Argentina, Bolivia, Chile, Paraguay and Uruguay. In addition Colombia, Ecuador and Peru, until
December 31, 2016,
due to exchange of shareholdings
,
according the Note
1
-
Corporate information
.
 
(iii) Normalized EBITDA is calculated excluding of the net income the following effects: (i) Income tax expense, (iii) Share of results of joint ventures (iii) Net finance result, (iv) Exceptional items, and (v) Depreciation, amortization and impairment of property, plant and equipment.
 
(b)
Additional information – by Business unit – Years ended in:
 
    Latin America - north
    CAC   Brazil   Total
      2018       2017       2016       2018       2017       2016       2018       2017       2016  
                                                                         
Net sales    
5,813.9
      
4,733.0
      
3,973.2
      
26,814.2
      
26,353.0
      
24,954.6
      
32,628.1
      
31,086.0
      
28,927.8
  
Cost of sales    
(2,560.1
 )    
(2,045.6
 )    
(1,798.6
 )    
(10,024.8
 )    
(9,889.4
 )    
(9,071.8
 )    
(12,584.9
 )    
(11,935.0
 )    
(10,870.4
 )
Gross profit    
3,253.8
      
2,687.4
      
2,174.6
      
16,789.4
      
16,463.6
      
15,882.8
      
20,043.2
      
19,151.0
      
18,057.4
  
Distribution expenses    
(627.6
 )    
(538.6
 )    
(409.9
 )    
(3,771.5
 )    
(3,655.2
 )    
(3,555.5
 )    
(4,399.1
 )    
(4,193.8
 )    
(3,965.4
 )
Sales and marketing expenses    
(561.8
 )    
(526.4
 )    
(456.7
 )    
(3,083.5
 )    
(3,129.1
 )    
(3,214.4
 )    
(3,645.3
 )    
(3,655.5
 )    
(3,671.1
 )
Administrative expenses    
(281.5
 )    
(265.0
 )    
(171.7
 )    
(1,414.5
 )    
(1,689.1
 )    
(1,314.6
 )    
(1,696.0
 )    
(1,954.1
 )    
(1,486.3
 )
Other operating income/(expenses)    
20.0
      
77.8
      
9.6
      
965.0
      
1,092.7
      
1,274.1
      
985.0
      
1,170.5
      
1,283.7
  
Exceptional items    
62.4
      
(23.1
 )    
(13.5
 )    
(43.7
 )    
(33.0
 )    
1,196.7
      
18.7
      
(56.1
 )    
1,183.2
  
Income from operations (EBIT)    
1,865.3
      
1,412.1
      
1,132.4
      
9,441.2
      
9,049.9
      
10,269.1
      
11,306.5
      
10,462.0
      
11,401.5
  
Net finance cost    
(56.8
 )    
(46.5
 )    
(9.2
 )    
(2,155.0
 )    
(2,646.8
 )    
(3,685.3
 )    
(2,211.8
 )    
(2,693.3
 )    
(3,694.5
 )
Share of result of joint ventures    
3.9
      
6.0
      
19.0
      
(6.2
 )    
(10.7
 )    
(25.8
 )    
(2.3
 )    
(4.7
 )    
(6.8
 )
Income before income tax    
1,812.4
      
1,371.6
      
1,142.2
      
7,280.0
      
6,392.4
      
6,558.0
      
9,092.4
      
7,764.0
      
7,700.2
  
Income tax expense    
(473.0
 )    
(353.5
 )    
(318.8
 )    
173.2
      
(2,956.0
 )    
1,418.9
      
(299.8
 )    
(3,309.5
 )    
1,100.1
  
Net income    
1,339.4
      
1,018.1
      
823.4
      
7,453.2
      
3,436.4
      
7,976.9
      
8,792.6
      
4,454.5
      
8,800.3
  
                                                                         
Normalized EBITDA
(iii)
    
2,290.0
      
1,842.0
      
1,483.8
      
11,763.2
      
11,391.9
      
11,321.2
      
14,053.2
      
13,233.9
      
12,805.0
  
Exceptional items    
62.4
      
(23.1
 )    
(13.5
 )    
(43.7
 )    
(33.0
 )    
1,196.7
      
18.7
      
(56.1
 )    
1,183.2
  
Depreciation. amortization and impairment    
(487.1
 )    
(406.8
 )    
(338.0
 )    
(2,278.3
 )    
(2,309.0
 )    
(2,248.7
 )    
(2,765.4
 )    
(2,715.8
 )    
(2,586.7
 )
Net finance costs    
(56.8
 )    
(46.5
 )    
(9.2
 )    
(2,155.0
 )    
(2,646.8
 )    
(3,685.3
 )    
(2,211.8
 )    
(2,693.3
 )    
(3,694.5
 )
Share of result of joint ventures    
3.9
      
6.0
      
19.0
      
(6.2
 )    
(10.7
 )    
(25.8
 )    
(2.3
 )    
(4.7
 )    
(6.8
 )
Income tax expense    
(473.0
 )    
(353.5
 )    
(318.8
 )    
173.2
      
(2,956.0
 )    
1,418.9
      
(299.8
 )    
(3,309.5
 )    
1,100.1
  
Net income    
1,339.4
      
1,018.1
      
823.3
      
7,453.2
      
3,436.4
      
7,977.0
      
8,792.6
      
4,454.5
      
8,800.3
  
                                                                         
Normalized EBITDA margin in %    
39.4
 %    
38.9
 %    
35.3
 %    
43.9
 %    
43.2
 %    
45.4
 %    
43.1
 %    
42.6
 %    
44.3
 %
 
(i) Normalized EBITDA is calculated excluding of the net income the following effects: (i) Income tax expense, (iii) Share of results of joint ventures, (iii) Net finance result, (iv) Exceptional items, and (v) Depreciation, amortization and impairment of property, plant and equipment.
 
    Brazil
    Beer   Soft drink and
Non-alcoholic and
non-carbonated		   Total
      2018       2017       2016       2018       2017       2016       2018       2017       2016  
                                                                         
Net sales    
23,008.5
      
22,509.3
      
21,173.1
      
3,805.7
      
3,843.7
      
3,781.5
      
26,814.2
      
26,353.0
      
24,954.6
  
Cost of sales    
(8,222.9
 )    
(7,895.1
 )    
(7,339.9
 )    
(1,801.9
 )    
(1,994.3
 )    
(1,731.9
 )    
(10,024.8
 )    
(9,889.4
 )    
(9,071.8
 )
Gross profit    
14,785.6
      
14,614.2
      
13,833.2
      
2,003.8
      
1,849.4
      
2,049.6
      
16,789.4
      
16,463.6
      
15,882.8
  
Distribution expenses    
(3,072.9
 )    
(2,961.0
 )    
(2,891.7
 )    
(698.6
 )    
(694.2
 )    
(663.8
 )    
(3,771.5
 )    
(3,655.2
 )    
(3,555.5
 )
Sales and marketing expenses    
(2,897.8
 )    
(2,953.6
 )    
(3,044.0
 )    
(185.7
 )    
(175.5
 )    
(170.4
 )    
(3,083.5
 )    
(3,129.1
 )    
(3,214.4
 )
Administrative expenses    
(1,202.6
 )    
(1,476.3
 )    
(1,160.2
 )    
(211.9
 )    
(212.8
 )    
(154.4
 )    
(1,414.5
 )    
(1,689.1
 )    
(1,314.6
 )
Other operating income/(expenses)    
740.1
      
825.0
      
969.8
      
224.9
      
267.7
      
304.3
      
965.0
      
1,092.7
      
1,274.1
  
Exceptional items    
(37.0
 )    
(28.2
 )    
1,014.3
      
(6.7
 )    
(4.8
 )    
182.4
      
(43.7
 )    
(33.0
 )    
1,196.7
  
Income from operations (EBIT)    
8,315.4
      
8,020.1
      
8,721.4
      
1,125.8
      
1,029.8
      
1,547.7
      
9,441.2
      
9,049.9
      
10,269.1
  
Net finance cost    
(2,155.0
 )    
(2,646.8
 )    
(3,685.3
 )    
–
      
–
      
–
      
(2,155.0
 )    
(2,646.8
 )    
(3,685.3
 )
Share of result of joint ventures    
(6.2
 )    
(10.7
 )    
(25.8
 )    
–
      
–
      
–
      
(6.2
 )    
(10.7
 )    
(25.8
 )
Income before income tax    
6,154.2
      
5,362.6
      
5,010.3
      
1,125.8
      
1,029.8
      
1,547.7
      
7,280.0
      
6,392.4
      
6,558.0
  
Income tax expense    
173.2
      
(2,956.0
 )    
1,418.9
      
–
      
–
      
–
      
173.2
      
(2,956.0
 )    
1,418.9
  
Net income    
6,327.4
      
2,406.6
      
6,429.2
      
1,125.8
      
1,029.8
      
1,547.7
      
7,453.2
      
3,436.4
      
7,976.9
  
                                                                         
Normalized EBITDA
(i)
    
10,350.0
      
10,047.3
      
9,618.6
      
1,413.2
      
1,344.6
      
1,702.6
      
11,763.2
      
11,391.9
      
11,321.2
  
Exceptional items    
(37.0
 )    
(28.2
 )    
1,014.3
      
(6.7
 )    
(4.8
 )    
182.4
      
(43.7
 )    
(33.0
 )    
1,196.7
  
Depreciation, amortization and impairment    
(1,997.6
 )    
(1,999.0
 )    
(1,911.5
 )    
(280.7
 )    
(310.0
 )    
(337.3
 )    
(2,278.3
 )    
(2,309.0
 )    
(2,248.8
 )
Net finance costs    
(2,155.0
 )    
(2,646.8
 )    
(3,685.3
 )    
–
      
–
      
–
      
(2,155.0
 )    
(2,646.8
 )    
(3,685.3
 )
Share of result of joint ventures    
(6.2
 )    
(10.7
 )    
(25.8
 )    
–
      
–
      
–
      
(6.2
 )    
(10.7
 )    
(25.8
 )
Income tax expense    
173.2
      
(2,956.0
 )    
1,418.9
      
–
      
–
      
–
      
173.2
      
(2,956.0
 )    
1,418.9
  
Net income    
6,327.4
      
2,406.6
      
6,429.2
      
1,125.8
      
1,029.8
      
1,547.7
      
7,453.2
      
3,436.4
      
7,976.9
  
                                                                         
Normalized EBITDA margin in %    
45.0
 %    
44.5
 %    
45.4
 %    
37.1
 %    
35.8
 %    
45.0
 %    
43.9
 %    
43.2
 %    
45.4
 %
 
(i) Normalized EBITDA is calculated excluding of the net income the following effects: (i) Income tax expense, (iii) Share of results of joint ventures, (iii) Net finance result, (iv) Exceptional items, and (v) Depreciation, amortization and impairment of property, plant and equipment.